Marathon Gold and Qalipu Mi’kmaq First Nation Band Sign Socio-Economic Agreement

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Mining Update

Marathon Gold Corporation (“Marathon” or the “Company”; TSX: MOZ) and Qalipu Mi’kmaq First Nation (“Qalipu”) are pleased to announce that they have concluded a Socio-Economic Agreement (“SEA” or “Agreement”). The Agreement was signed on Tuesday, May 4, 2021 by Matt Manson, President and CEO of Marathon, and Qalipu Chief Brendan Mitchell.

The SEA establishes a framework for a long-term positive working relationship between Marathon and Qalipu over the life of the Valentine Gold Project. The Agreement addresses matters such as access to employment and contracting opportunities by Qalipu members and businesses, education, environmental stewardship and monitoring, community investment and ongoing engagement.

Matt Manson commented: “The investment in people and indigenous communities is a critical component of the development of Newfoundland and Labrador’s rich mineral resource potential. We are very pleased to have entered into this agreement with Qalipu, which reflects our commitment to prioritize local economic development, employment, and community well-being in what will be Atlantic Canada’s largest gold development project.”

Chief Mitchell commented: “This project will have a lasting impact on the members of Qalipu First Nation in the Central Newfoundland region and we feel that it is important for us to work with Marathon Gold to ensure that the pillars of environmental stewardship, consideration for wildlife, engagement, employment and procurement are closely adhered to on behalf of our members and their communities”.

About Marathon

Marathon (TSX:MOZ) is a Toronto based gold company advancing its 100%-owned Valentine Gold Project located in the central region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. The Project comprises a series of five mineralized deposits along a 20-kilometre system. A March 2021 Feasibility Study outlined an open pit mining and conventional milling operation over a thirteen-year mine life with a 31.5% after-tax rate of return. The Project has estimated Proven Mineral Reserves of 1.40 Moz (29.68 Mt at 1.46 g/t) and Probable Mineral Reserves of 0.65 Moz (17.38 Mt at 1.17 g/t). Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.92 Moz (32.59 Mt at 1.83 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.22 Moz (24.07 Mt at 1.57 g/t). Additional Inferred Mineral Resources are 1.64 Moz (29.59 Mt at 1.72 g/t Au). Please see Marathon’s Annual Information Form for the year ended December 31, 2020 and other filings made with Canadian securities regulatory authorities and available at www.sedar.com for further details and assumptions relating to the Valentine Gold Project.